Whether it’s a cash-back bonus or play on the word in-surance, you always get something out. Changing the face of insurance, OUTsurance was launched in 1998 with the ideal to always give something back to their clients. By means of their OUTbonus, the direct short-term insurer guaranteed that clients who never claimed, got something back, even if it is only a percentage of their premiums after three years.

Although OUTsurance began by offering car and home insurance, it has since grown to offer life and business insurance in 2003 and 2008 respectively. OUTsurance also boast cheaper premiums by cutting out the broker fee, and by underwriting risk profiles according to each individual’s risk. OUTsurance also guarantee fixed premiums for 12 months at a time.

OUTsurance car insurance

Like other direct insurance companies, OUTsurance provide comprehensive, third party, fire and theft, and third party car insurance. With their product Safe_Driver@OUT , the insurance company monitors individual driving habits to base premiums on individual risk; the safer your drive, the cheaper the premium each month. Such products make use of tracking devices which monitor the driver’s speed, acceleration, normal distance travelled each month and braking. Insurance companies then use data to determine the driving habits of the driver to determine insurance risk.

OUTsurance also offer specialized 4×4 insurance which covers drivers in most SADC countries for perils associated with driving offroad. They also provide cover for watercraft, caravans, trailers and motorbikes.

OUTsurance life insurance

Since 2008, OUTsurance have been providing life cover direct to the public, which pays out in the event that the policyholder dies, is permanently disabled or is diagnosed with a terminal illness. The insurance company also offers range of payment structures, such as increasing premiums to cover inflation and risk, or leveling premiums off as the cover declines. What’s more, OUTsurance life insurance clients also get something out in the form of an OUTbonus.

If the insured does not claim on the long-term policy after five years, he or she gets 10% of his or her premiums back in cash, even though the policy functions as term life insurance. (Term life insurance only pays out in the event of an insurable peril, such as death, disability or illness. If the life portion of the policy expires, it does not pay annuities.)

OUTsurance business insurance

All business insurance portfolios are compiled from a number of insurance products. While each business faces a unique set of perils associated with that business, some are common across the board, such as business buildings insurance. OUTsurance business insurance policies include insurance for buildings, vehicles, electronic equipment and stock, while also covering the business’s portable possessions.